The document discusses methods for helping college students and young adults better manage their money. It describes conducting field observations at restaurants to see how often people use cash versus credit cards. An experiment had participants try to live on only $40 per week to see how they managed their budget. Interviews asked people about their spending habits, perceptions of cash and credit, and budgeting practices. The proposed solution is an online banking money management system that sends text notifications of credit card purchases and allows setting up a budget and viewing spending history to increase awareness of money usage.

1. MONEY MANAGEMENT
HOW TO MANAGE YOUR MONEY BETTER
Group 4: Annie Le. Jennifer Chang. Juliet Lam
Design At The Edge
April 26th 2011. 8 AM

2. Problem
Focus
Problem Methodology
Proposal
 Money Management
 How to manage your money better
 Lose track of what and where money is spent
 Dependant on credit/debit cards
 Needs vs. Wants
 Forget the value of money & how much is spent

3. Problem
Focus
Target Market Methodology
Proposal
 College students
 Young adults
 People who have a budget

4. Problem
Focus
Methodology
Proposal
Methodology
Field Observation
Experiment: $40 A Week Challenge
Interview

5. Problem
Focus
Methodology
Proposal
Field Observation
Cash vs. Credit Card

6. Problem
Focus
Field Observation Methodology
Proposal
 Union Square, St. Marks, Korea Town
 Sat in different restaurants for 2 hours
 Observe method of payment
 Determine how conscious people are
when using credit/debit cards

7. Problem
Focus
Field Observation Results Methodology
Proposal
St. Marks
St Marks
K-Town
Korea Town Union Square
Union Square
$%#
"$#
$%#
!"#
!"#
!"#
Cash Credit Cash Credit Card Cash Credit Card
Cash Cash
Cash Credit Card
Credit/Debit Card Credit Card

8. Problem
Focus
Field Observation Analysis Methodology
Proposal
 Majority of people used credit cards vs. cash
 Some people automatically paid using card
 Small pouch for only cards
 Cash only places: Some people came in and left due to lack of
cash

9. Experiment
“Can You Survive with only $40 A Week” Challenge

10. Problem
Focus
Experiment Methodology
Proposal
 See if people could get by the week with a tight budget,
without having to change their lifestyle or starving themselves
 Observe how people manage the $40 budget
 Physically
 Emotionally
 12 Participants

11. Problem
Focus
Experiment Results Methodology
Proposal
 Video

12. Problem
Focus
Experiment Analysis Methodology
Proposal
 Girls manage money better
 Unfortunate events; sickness
 Packing own lunch is a good strategy
 Different lifestyles; some eat more than others, stress and
emotional factors
 Socializing with friends mostly translates to eating out; should
find alternative ways to gather with friends

13. Problem
Focus
Methodology
Proposal
Interview
Perception of Money
Emotions
Quotes

14. Interview Questions
Who: Questions:
 Students  How much do you spend a week?
 Young adults  What do you spend money on?
 What is your perception of cash/
credit card
 How does money play a role in
your life?
 Do you prefer to use cash or
credit card more? Why?
 Do you have a budget?
 How did you learn it?

15. Problem
Focus
Interview Results Methodology
Proposal
 Average $150 Budget
 Food, transport, social activities, school  No…but I should. I don’t keep a budget
supplies because I am lazy”
 Need money for social activities  Girls try to keep a daily budget of how
much they spend
Cash
 “makes you understand the value of money Why guys don’t like to plan short term…
more than credit cards.”  “its too complicated”
 “The best way of accounting for your money
 “too time consuming and a hassle to set up”
is to see it in front of you”
 “there’s too many steps”
Credit Card
 “I prefer using debit cards, it’s a pain in the
ass to always carry around cash. Feels
more secure using a debit card.”
 “It's useful but I don't like how I don't see my
cash physically being exchanged”
 “more convenient, but I don’t realize how
much I spent”

16. Problem
Focus
Conclusion Methodology
Proposal
 People are too dependant on credit/debit cards
 Girls were more successful in the challenge because they planned
beforehand and had a strategy going into the challenge
 Even though people claim that they want to see their money physically
exchanged, they prefer to use credit cards for convenience
 Guys prefer not to plan as it is too complicated and time consuming

17. Problem
Focus
Methodology
Proposal
Design Brief
Get college students and young adults
To be more aware of their spending habits and start to get in the
routine of planning,
By offering a “money management” system in online banking and
text messaging service.

18. Problem
Focus
Methodology
Proposal
Design Solution
Text Message
Online Banking Money Management System

19. Problem
Focus
Text Message Methodology
Proposal
Receive a text message from
•
your bank every time you use
your credit card
Make people aware of how
•
much they are spending !"#$%&'((%)*+,%-./01/%
23*%45*6%7((8%923'+(:%6;%
<;5'%9'(:=6%93':0%
Constant reminder
•
"((%62(%>5??%:(63=?*%2('(,
@@@0923*(09;ABA;8(<
A383+(A(86

20. Problem
Focus
Online Banking Methodology
Proposal
 “Money Management” option
 Set up own budget
 View history of spending – month/week
 Compare spending habits

21. Problem
Focus
Methodology
Proposal
+$,-"#&. !"#$%
/&#01#' !&#&'$($#)
!"#$%*!&#&'$($#)
!"#$% /23'$)* 455"2#)-

22. Problem
Focus
Methodology
Proposal
!"#$%&'( -%&".
)'&*+&, -'&',"/"&0
Spent Amount Left
200
-%&". 150
100
50
)12,"03 0
Mon Tue Wed Thur Fri Sat Sun
455%1&0$

23. Problem
Focus
Methodology
Proposal
!"#$%&'( -%&".
)'&*+&, -'&',"/"&0
Type a budget...
-%&". 6.7"3+&3'3812,"0309'03.%13:+$930%3&%03$1#7'$$3;%#3"'593:""*<
)12,"03
455%1&0$

25. Problem
Focus
Methodology
Proposal
!"#$%&'( -%&".
)'&*+&, -'&',"/"&0
-%&06(.
7'("&2'#
-%&".
)12,"03
455%1&0$

26. Problem
Focus
Methodology
Proposal
!"#$%&'( -%&".
)'&*+&, -'&',"/"&0
67"&2+&,8
91&"3:;<<
-%&".
Sun 6/5/2011
Mon 6/6/2011
)12,"03 Tues 6/7/2011
Wed 6/8/2011
Thur 6/9/2011
Fri 6/10/2011
455%1&0$
Sat 6/11/2011
0 38 75 113 150
Spent Budget Left

27. Problem
Focus
Long Term Suggestions Methodology
Proposal
 Focus marketing of “money management” service to male
demographic, emphasizing:
 Easy to use
 Simple to navigate around system
 Possibly apply system to more applications
 Credit card machine
 Accessories
 iPhone application; able to swipe card on phone to see budget and
spending history

28. Thank You